The Moroccan steel industry incurred losses worth $35 million during the year 2019, as the Moroccan steel company Morocco Steel announced a loss worth 293.4 million dirhams ($31 million) during the year 2019.
The “Sonacid” company, which specializes in the production of rebar and wire coils, also announced a loss of 41 million dirhams ($4.32 million) during 2019, compared to a profit of 13 million dirhams ($1.37 million) during 2018.
The two Moroccan companies attributed the loss to the decline in the prices of iron and steel products in global markets, the rise in imports of competing products, especially from Türkiye, in addition to the rise in prices of production raw materials.
Regarding the new context imposed by the Corona pandemic, the two companies announced their keenness to continue operating under strict health and security conditions, with the closure of social facilities and annexes to the factories, such as prayer halls, sports halls, restaurants and canteens. The two companies also reduced the number of workers present in the production units to the necessary minimum, and transferred all administrative work, which can be completed remotely, to the employees’ homes.